U Power UCAR opened up its shares for public trading for the first time since it filed for IPO in December 2022. The company agreed to initially offer 2.42 million shares to the public at $6.00 per share. On its first day of trading, the stock rose 433.09% from its opening price of $8.1 to its closing price of $43.18.
U Power Performance On First Day of Trading
About U Power and It’s IPO
U Power Limited is a vehicle sourcing services provider, with a vision to becoming an EV market player primarily focused on its proprietary battery-swapping technology, or UOTTA technology, which is an intelligent modular battery-swapping technology designed to provide a comprehensive battery power solution for EVs.
For its IPO, UCAR agreed to offer 2.42 million shares at a price of $6.00 per share, with an insider lock-up period of 180 days, ending on October 17, 2023.
An insider lock-up period is a period of time after a company first goes public where major shareholders are not allowed to sell their shares. The insider lock-up period makes sure that the market does not get oversupplied with shares of the company.
Traders may short the stock leading up to the lockup-period expiration date in hopes that the price will fall due to an increase in supply of shares. Retail traders should be watching this stock’s short interest as it moves closer to lockup expiration.
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This article was generated by Benzinga’s automated content engine and reviewed by an editor.